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Shell won’t challenge takeover of Nigeria oil wells

 

Reuters UK

Shell won’t challenge takeover of Nigeria oil wells

Tue Jun 17, 2008 11:04am BST

ABUJA (Reuters) – Royal Dutch Shell (RDSa.L: QuoteProfileResearch) said on Tuesday it will not mount a legal challenge to the Nigerian government’s plan to take over its oil fields in Ogoniland later this year.

 

President Umaru Yar’Adua earlier this month announced the government will give the oil fields to another company after they were abandoned by Shell 15 years ago.

“Shell will not challenge this in court,” said Precious Okolobo, a spokesman for Shell in Nigeria.

Shell closed its operations in the area in 1993 due largely to popular protests over pollution and lack of development.

Analysts said that losing the right to operate in Ogoniland was unlikely to have much impact on Shell’s business but that the move was important symbolically.

“If this action will bring peace to Ogoniland, we will support it,” Okolobo said.

(Reporting by Randy Fabi; Editing by Nick Tattersall)

 

 

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